Cardano Price Declines Below $0.5820 with Key Support at $0.5640

Cardano (ADA) is experiencing a decline, consolidating above key support levels.

ADA dropped below $0.5820 and $0.5750.
Current trading is above $0.560, with the 100-hourly simple moving average supporting the price.
A bullish trend line is forming, providing support at $0.5640 on the hourly chart.
If ADA dips below $0.5560, further declines may occur.

Price Analysis

Recently, Cardano fell from the $0.590 zone, contrasting with movements in Bitcoin and Ethereum. The price went below the 50% Fib retracement of the rise from $0.5567 to $0.5902, briefly touching below the $0.570 support but maintaining above $0.5650.

Resistance levels are identified as follows:

First resistance near $0.5820
Next major resistance at $0.590
Potential rally could target $0.620 if resistance at $0.590 is breached

Potential for Further Losses

If the price does not surpass the $0.5820 resistance, it may see a decline. Key support levels are:

Immediate support at $0.5640
Major support at $0.5460; a break here could lead to testing $0.5250
Further downside could approach the $0.510 level

Technical indicators indicate bearish momentum:

Hourly MACD shows increasing bearish momentum
RSI is below 50